cmc housing report

8/13/2019 CMC Housing Report

1/13

H o u s i n g M a r k e t I n f o r m a t i o n

HOUSING MARKET OUTLOOK

Date Released:

C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n

Table of Contents

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Kitchener-Cambridge-Waterloo and Guelph CMAs

Fall 2013

Kitchener-Cambridge-

Waterloo Highlights

Housing starts to increase in 2014.Existing home sales will increase this year and nish at a similar level in 2014.

The average vacancy rate will edge higher in 2013 and 2014.

1 Kitchener-Cambridge-WaterlooHighlights

2 New Home Market: MigrationSupports Housing Starts

2 Existing Home Market : Slower PriceGrowth Next Year

3 Rental Market : Vacancy Rate toIncrease in 2013 and 2014

3 Economic Trends: UnemploymentRate to Decrease in 2014

4 Trends at a Glance

4 Forecast Risks

4 Guelph Highlights

4 New Home Market: Stable Demandfor Housing Starts

5 Existing Home Market Tight ResaleMarket to Soften Slightly

5 Rental Market: Rental Demand toIncrease in 2014

6 Economic Trends: GreaterEmployment in 2014

6 Mortgage Rate Outlook

8 Forecast Summary

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Greater Apartment Construction in 2014

Source: CMHC forecasts

Figure 1

The forecasts included in this document are based on information available as of October 16,2013.


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Canada Mortgage and Housing Corporation

Housing Market Outlook - Kitchener and Guelph CMAs - Date Released - Fall 2013

New Home Market:Migration SupportsHousing StartsIn the second half of 2013 housingstarts are expected to remain below

recent levels. However, residentialconstruction activity will pick upfollowing the slowest rst half in thepast ten years. In particular, single-detached starts have recently gainedsome momentum due to a tighteningof the resale market. Generally, thestate of the resale market serves asa leading indicator of single-detachedstarts activity. With the resale marketexpected to only begin softening inthe latter half of 2014, single-detachedstarts will nish slightly higher nextyear. Low inventories of completedand unabsorbed row homes and therecent growth in housing demand willalso lead developers to increase rowhome starts next year. Kitchener Cityshould experience higher levels ofconstruction in 2014, as roughly halfof all single-detached and row homestarts typically occur there.

Following a brief slowdown in 2013,apartment starts are set to returnto the elevated levels of recentyears. Net migration will continueto support housing demand forapartments. Positive net migrationinto the CMA primarily comesfrom people outside Canada. Overthe past ve years the majority ofnet migration from outside Canadawas from people 15 to 24 years ofage, the largest group of which are

international students. Nearly 90 percent of all net migration from outsideCanada comes from people underthe age of 45. Based on the medianincome of immigrants less than 45years of age published by StatisticsCanada they are likely to rent or buya home in the lower price ranges.As a result, demand for both rental

and condo apartment construction isexpected to remain steady. Greaterapartment construction in 2014 willallow total housing starts to exceedthis years total.

Existing Home Market :Slower Price Growth NextYear For the remainder of this year existinghome sales will be at a similar level tothe second quarter. Sales picked upin the second quarter, as the rst signof rising mortgage rates combinedwith growing employment broughtmore buyers and sellers into themarket. The possibility of anotherincrease in mortgage rates andstable employment will keep housingdemand strong moving into the rsthalf of 2014. With the resale marketbordering on sellers territory duringthat stretch stronger price growth willoccur.

As prices continue to grow in therst half of 2014 fewer potential rst

time buyers will have the ability to getinto the homeownership market. In2014 there will be a minor increasein employment and some growth inwages. However, mortgage rates arealso expected to increase in responseto the higher level of economicgrowth occurring in the country as awhole. First-time buyers are generallymore sensitive than repeat buyersto rising carrying costs, as they willhave to save longer for their downpayment. With demand beginning tosoften in the second half of 2014 pricegrowth will also diminish. Sales areexpected to edge lower towards theend of 2014 and nish similar to 2013.

The average resident in the CMA willhave slightly less purchasing power in2014, with growth in average wagesnot keeping up with the increase incarrying costs for the average home.However, the difference betweenaverage income and the requiredincome to own the average homein the CMA will be greater than theprovincial average. Resale homes in

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Sales Steady Through 2014Sales SAAR Avera e Price Seasonall Ad usted

Figure 2

Source: CMHC forecasts, adapted from CREA (MLS )Note: Sales are seasonally adjusted and are multipled by 4 to show an annual rate. Prices areseasonally adjusted. MLS is a registered trademark of the Canadian Real Estate Association


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the CMA will be relatively affordablecompared to the overall province andwithin grasp for the average incomeearner.

Rental Market : Vacancy

Rate to Increase in 2013and 2014Both supply and demand factors willput upward pressure on the vacancyrate in 2013. Supply is expectedto increase as some of the largerrental apartment projects started inthe past two years are completed.Mortgage rates are still low enoughto entice renters into the ownershipmarket. The expectation of risingmortgage rates will cause somemovement out of the rental marketfor homeownership, as rst-timebuyers take advantage of the lowerrates in their mortgage pre-approvalcontracts. There will be fewer newrenter households to replace the onesthat exited, with limited employmentgrowth over the rst two quarters ofthis year. A greater share of those newrental households will be generated by

new arrivals from outside the CMA.The increase in the average two-bedroom rent will be lower than themaximum allowable rent increase of2.5 per cent under the ResidentialTenancies Act, due to a slight softeningof the rental market.

Despite a greater number of rentalapartment completions anticipatedfor 2014, the vacancy rate will onlyincrease slightly next year. There will

be slower movement out of rentalto homeownership, particularlywhen mortgage rates increase in thesecond half of the year. Employmentgrowth will create renter householdsby allowing for decoupling fromthe parental home or shared

accommodation. Net migration willincrease slightly next year and remainthe most consistent source of newrenter households. A lower averagerent increase in 2014 will also provideincentive to enter or remain in therental market.

Economic Trends:Unemployment Rate toDecrease in 2014The economy will be moderatelysupportive of housing demand. Bythe end of 2013 employment willhave increased slightly compared tothe previous year. However, therewill be a shift from part-time jobs tofull-time work. Growth in the labourforce, primarily due to migration,will cause the unemployment rateto increase. With the second largestgoods-producing sector amongOntario CMAs, employment willbenet from a strengthening US

economy in 2014. Greater US GDPgrowth will translate to increaseddemand for consumer and industrialgoods. With employment expected toincrease just slightly next year and thelabour force to stay relatively at, theunemployment rate will move lowerin 2014.

Despite layoffs at RIM and MapleLeaf Foods there will be greaterproduction in other areas ofmanufacturing prevalent in the CMA.The Toyota plant in Cambridge andATS Automation Tooling Systemsare two of the largest employersin the region. Both should stand tobenet from stronger US demand

for their products. The Toyota plantin Cambridge is one of only two inNorth America to manufacture theCorolla model, and became the onlyone in North America to manufacturea Lexus model in 2013. ATSAutomation Tooling Systems recentlyexpanded their scope of operations

Source: CMHC, Statistics Canada, CREA. *Required income is mortgage carrying costs divided by0.32 to reect the usual 32 percent gross debt ser vice ratio. Mortgage carrying costs are calculatedon the average MLS price, a 10 per cent down payment, the xed ve-year mortgage rate and thelongest available amor tization.

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Required Income Actual Income

Figure 3


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through the acquisition of anothercompany. Other major employerssuch as Manulife Financial, SunlifeFinancial, University of Waterloo andthe recently expanded Grand RiverHospital are also creating jobs in theregion.

The diversication of employersin the tech hub will allow someleaving RIM to remain in the CMA,particularly those in engineering. Sincethe announcement of layoffs at RIMmore competitors are joining the techhub or expanding their operationsthere. The most notable of US techrms starting a satellite ofce hasbeen Motorola, owned by Google.The growing number of start upcompanies will also absorb some ofthe talent leaving RIM.

Forecast RisksThis outlook is subject to some risks,including:

A stronger than expected U.S.economic recovery or strongergrowth in emerging countriescould positively impact economic

growth, contributing to a higherlevel of activity in Canadas housingmarkets

Mortgage rates are currently atrelatively low levels. Should theserates rise sooner and/or fasterthan expected, housing marketactivity will slow considerably.Higher rates could generate somenancial risks for the heavilyindebted homeowners in themedium to longer term. As a silverlining, the impact of a mortgagerate hike will be less pronouncedin the short run, given that manyhomeowners presently have xedmortgage rates.

Elevated levels of household debtand house prices in some urbancentres have made the countryseconomy more vulnerable tosome economic shocks. If interestrates or unemployment were toincrease sharply and signicantly,some of the more heavily indebtedhouseholds could be forced toliquidate some of their assets,including their homes. This couldput downward pressure on house

prices and, more generally, onhousing market activity.

Guelph HighlightsStarts will exceed last years totalin 2013 and 2014.

Existing home sales to edge lowerin 2014.

New Home Market: StableDemand for HousingStartsGreater construction in the secondhalf will help to push housing startsabove last years total. Apartmentstarts will have almost doubled from2012 and nish as one of the highestyears on record. Nearly all of theapartment construction in Guelph will

be condominiums. Over the past veyears one of the largest componentsof net migration into Guelph hasbeen immigrants 25-44 years of age.Population growth from that agesegment and strong price growth ina tight resale market has generatedmore demand for lower pricedhousing.

Mortgage Rates Short term mortgage rates are expected to remain at historical lowlevels which will continue to support housing demand.

Employment Employment growth and specifically full time job creation will

Key Factors and their Effects on Housing Starts

continue to support demand for all types of housing.Net Migration Positive net migration will continue to stimulate demand for all types

of housing, specifically rental accommodations as new migrants tendto rent. However, overall demand for rental will decrease in 2013and partially contribute to a higher vacancy rate.

Resale Market Resale market conditions for 2013 and 2014 are expected to bebalanced. MLS sales will grow in 2013 and remain similar in 2014.

Trends at a Glance


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Apartment starts are expected todecrease slightly in 2014, but makeup a similar share of total starts.Despite a tight resale market andfew unabsorbed single-detachednew homes available for purchase,single-detached starts will remainat historical lows into 2014 dueto a shortage of land available fordevelopment.

Existing Home MarketTight Resale Market toSoften SlightlyAfter gaining momentum over therst two quarters of this year, existinghome sales will begin to edge lowerinto the rst half of 2014. Housingdemand has increased this year inGuelph in spite of lower employment.However, an increase in salesactivity primarily generated fromthe anticipation of rising mortgagerates will be short lived. With limitedemployment growth expected overthe next few quarters demand forresale homes will begin to ease.

Sales will be down slightly in 2014and the resale market will movecloser towards a balanced state. WhileGuelph employment is expected torebound in 2014, mortgage rates arealso expected to edge higher. Highermortgage rates will continue to softendemand in the second half of theyear. The carrying cost of the averageresale home will increase slightly morethan average wage growth. However,resale homes in Guelph will be

relatively affordable compared to theoverall province.

Rental Market: RentalDemand to Increase in2014While remaining one of the tighterrental markets in the province, the

vacancy rate will increase in 2013.There will be greater movementfrom rental to homeownershipresulting from low mortgage rates andtheir anticipated increase. A lack ofemployment growth will translate tolower net migration and fewer newrenter households. Less demand forrental will mean the average two-

bedroom rent increase will fall shortof the maximum amount permitted in2013 under the Residential TenanciesAct. The vacancy rate will decreaseslightly next year, with no materialchange in the supply of rental housingand fewer people exiting the rentalmarket. Some employment growthand a much lower maximum allowable

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Prices Continue Growing in 2014Sales SAAR Avera e Price Seasonall Ad usted

Source: CMHC forecasts, adapted from CREA (MLS)Note: Sales are seasonally adjusted and are multipled by 4 to show an annual rate. Prices areseasonally adjusted. MLS is a registered trademark of the Canadian Real Estate Association

Figure 5

Source: CMHC forecasts

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rent increase of one per cent willalso encourage renter householdformation.

Economic Trends: GreaterEmployment in 2014The unemployment rate is expectedto increase this year due loweremployment and a slightly largerlabour force. Job growth willreturn next year, with the aid of astrengthening US economy. Similarto Kitchener-Cambridge-WaterlooCMA, the goods-producing sectorin Guelph makes up a larger shareof employment than most CMAsin Ontario. An example would be

Linamar Corporation, by far Guelphsbiggest employer, which stands tobenet from greater automobilemanufacturing. The auto parts supplierhas North American manufacturerssuch as Ford Motor Companyand General Motors as its largestcustomers. Another auto partsmanufacturer, Polycon Industries, adivision of Magna, is a large employerin Guelph. Employment among othermajor employers such as GuelphGeneral Hospital, University of Guelphand City of Guelph should remainfairly steady. The unemployment ratewill edge lower in 2014.

Mortgage Rate Outlook Mortgage rates to see modest

and gradual increases late in theforecast horizon but will remainlow by historical standards.

Following the June meeting of theFederal Open Market Committee(FOMC) of the U.S. FederalReserve Board, interest rates

rose modestly and then remainedsteady in both the U.S. and Canada.According to the Federal ReserveBank of New York, this reecteda change in the risk assessment ofinvestors and not a change in theexpected future path of interest

rates1

. CMHCs interest rate forecast

mirrors this view. Hence, mortgagerates have been slightly revised upin the third quarter of 2013 but,thereafter, follow the same interestrate path as before. Nevertheless,this interest rate outlook willcontinue to be supportive ofhousing market activity over theforecast horizon, as mortgage

rates will remain low by historicalstandards.

Mortgage rates are expected toincrease gradually and steadily over

the forecast horizon. By the end of2014, mortgage rates are forecastto be somewhat higher than in thethird quarter of 2013. Accordingto CMHCs base case scenario for2013, the average for the one-yearposted mortgage rate is forecast

to be within 3.00 per cent to 3.50per cent, while the average for theve-year posted mortgage rate isanticipated to be within 5.00 percent to 5.50 per cent. For 2014, the

Q3 2013 3.14Change from Q3 2012 0.042013 (F) 3.00 - 3.502014 (F) 3.25 - 3.75Q3 2013 5.27Change from Q3 2012 0.032013 (F) 5.00 - 5.502014 (F) 5.25 - 6.00

NOTE: Mortgage rate forecast is based on Q3 2013 dataSource: Bank of Canada, CMHC Forecast

Mortgage rates

1 Year

5 Year

1 Preparing for Takeoff? Professional Forecasters and the June 2013 FOMC Meeting. Federal Reserve Bank of New York (2013). Richard Crump,Stefano Eusepi, and Emanuel Moench (http://libertystreeteconomics.newyorkfed.org/2013/09/preparing-for-takeoff-professional-forecasters-and-the-

june-2013-fomc-meeting.html)

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Actual vs Required Income to Buy an Average Home

Figure 6

Source: CMHC, Statistics Canada, CREA. *Required income is mortgage carrying costs divided by0.32 to reect the usual 32 percent gross debt ser vice ratio. Mortgage carrying costs are calculatedon the average MLS price, a 10 per cent down payment, the xed ve-year mortgage rate and thelongest available amor tization.


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average for the one-year postedmortgage rate is expected to riseand be in the 3.25 per cent to 3.75per cent range, while the averagefor the ve-year posted mortgagerate is forecast to be within 5.25per cent to 6.00 per cent.

Forecast RisksThis outlook is subject to some risks,including:

A stronger than expected U.S.economic recovery or strongergrowth in emerging countriescould positively impact economicgrowth, contributing to a higher

level of activity in Canadas housingmarkets

Mortgage rates are currently atrelatively low levels. Should theserates rise sooner and/or fasterthan expected, housing marketactivity will slow considerably.Higher rates could generate somenancial risks for the heavilyindebted homeowners in themedium to longer term. As a silverlining, the impact of a mortgagerate hike will be less pronouncedin the short run, given that manyhomeowners presently have xedmortgage rates.

Elevated levels of household debtand house prices in some urbancentres have made the countryseconomy more vulnerable tosome economic shocks. If interestrates or unemployment were toincrease sharply and signicantly,some of the more heavily indebtedhouseholds could be forced toliquidate some of their assets,including their homes. This couldput downward pressure on houseprices and, more generally, onhousing market activity.


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Forecast SummaryKitchener-Cambridge-Waterloo CMA

Fall 2013

2010 2011 2012 2013f % chg 2014f % chg

New Home MarketStarts: Single-Detached 1,255 1,186 871 675 -22.5 725 7.4 Multiples 1,560 1,768 2,029 1,050 -48.3 1,600 52.4 Semi-Detached 94 38 42 30 -28.6 30 0.0 Row/Townhouse 498 286 431 320 -25.8 370 15.6 Apartments 968 1,444 1,556 700 -55.0 1,200 71.4 Starts - Total 2,815 2,954 2,900 1,725 -40.5 2,325 34.8

Average Price ($): Single-Detached 378,811 394,169 434,415 485,000 11.6 450,000 -7.2

New Housing Price Index (% chg.) 1.3 2.9 2.9 1.0 - 1.3 -

Resale MarketMLS Sales 6,553 6,641 6,314 6,575 4.1 6,600 0.4MLS New Listings 10,573 11,028 11,433 11,500 0.6 12,000 4.3MLS Active Listings 36,500 #DIV/0! 38,500 5.5MLS Average Price ($) 291,182 301,841 312,418 325,000 4.0 326,500 0.5

Rental MarketOctober Vacancy Rate (%) 2.6 1.7 2.6 3.0 0.4 3.2 0.2Two-bedroom Average Rent (October) ($) 872 889 908 920 - 930 -

Economic OverviewMortgage Rate (1 year) (%) 3.49 3.52 3.17 3.00 - 3.50 - 3.25 - 3.75 -

Mortgage Rate (5 year) (%) 5.61 5.37 5.27 5.00 - 5.50 - 5.25 - 6.00 -Annual Employment Level 263,700 276,100 277,300 279,900 0.9 283,300 1.2Employment Growth (%) 3.2 4.7 0.4 0.9 - 1.2 -Unemployment rate (%) 8.0 6.8 6.6 7.3 - 7.0 -Net Migration 3,088 3,795 3,784 3,700 -2.2 3,750 1.4

MLS is a registered trademark of the Canadian Real Estate Association (CREA).** Percent change > 200%Source: CMHC (Starts and Completions Survey, Market Absorption Survey), adapted from Statistics Canada (CANSIM), CREA, Statistics Canada (CANSIM)NOTE: Rental universe = Privately initiated rental apartment structures of three units and over


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Forecast SummaryGuelph CMA

Fall 2013

2010 2011 2012 2013f % chg 2014f % chg

New Home MarketStarts: Single-Detached 406 260 275 210 -23.6 210 0.0 Multiples 615 504 456 640 40.4 600 -6.3 Semi-Detached 34 50 44 50 13.6 50 0.0 Row/Townhouse 391 197 210 220 4.8 225 2.3 Apartments 190 257 202 370 83.2 325 -12.2 Starts - Total 1,021 764 731 850 16.3 810 -4.7

Average Price ($): Single-Detached 385,227 436,502 436,385 447,500 2.5 455,000 1.7

New Housing Price Index (% chg.) (Ont.) 2.4 3.6 4.1 n/a - n/a -

Resale MarketMLS Sales 2,834 2,982 2,929 3,100 5.8 3,025 -2.4MLS New Listings 4,542 4,507 4,478 4,700 5.0 4,850 3.2MLS Average Price ($) 295,207 305,100 325,554 343,500 5.5 349,000 1.6

Rental MarketOctober Vacancy Rate (%) 3.4 1.1 1.4 1.8 0.4 1.6 -0.2Two-bedroom Average Rent (October) ($) 887 903 941 955 - 965 -

Economic OverviewMortgage Rate (1 year) (%) 3.49 3.52 3.17 3.00 - 3.50 - 3.25 - 3.75 -Mortgage Rate (5 year) (%) 5.61 5.37 5.27 5.00 - 5.50 - 5.25 - 6.00 -

Annual Employment Level 75,500 78,300 79,300 74,600 -5.9 75,700 1.5Employment Growth (%) 0.3 3.7 1.3 -5.9 - 1.5 -Unemployment rate (%) 7.9 5.6 5.5 6.8 - 6.4 -Net Migration 1,292 1,143 1,111 1,100 -1.0 1,125 2.3

MLS is a registered trademark of the Canadian Real Estate Association (CREA).** Percent change > 200%Source: CMHC (Starts and Completions Survey, Market Absorption Survey), adapted from Statistics Canada (CANSIM), CREA, Statistics Canada (CANSIM)NOTE: Rental universe = Privately initiated rental apartment structures of three units and over


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1Canada Mortgage and Housing Corporation


DEFINITIONS AND Methodology

New Home MarketHistorical home starts numbers are collected through CMHCs monthly Starts and Completions Survey . Building permitsare used to determine construction sites and visits confirm construction stages. A start is defined as the beginning ofconstruction on a building, usually when the concrete has been poured for the whole of the structures footing, or anequivalent stage where a basement will not be part of the structure.

Single-Detached Start:The start of a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling orstructure.

Semi-Detached Start:The start of each of the dwellings in a building containing two dwellings located side-by-side, adjoining no other structure andseparated by a common or party wall extending from ground to roof.

Row (or Townhouse) Start:Refers to the commencement of construction on a dwelling unit in a row of three or more attached dwellings separated by acommon or party wall extending from ground to roof.

Apartment and other Starts:Refers to the commencement of construction on all dwellings other than those described above, including structurescommonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes.

Average and Median Single Detached Home Prices: Are estimated using CMHCs Market Absorption Survey , which collects home prices at absorption and measures the rateat which units are sold or rented after they are completed. Dwellings are enumerated each month after a structure iscompleted until full absorption occurs. The term absorbed means that a housing unit is no longer on the market as it hasbeen sold or rented.

New Home Price Indexes: Changes in the New Home Price Indexes are estimated using annual averages of Statistics Canadas monthly values for NewHousing Price Indexes (NHPI).

Resale MarketHistorical resale market data in the summary tables of the Housing Market Outlook Reports refers to residential transactionsthrough the Multiple Listings Services (MLS ) as reported by The Canadian Real Estate Association (CREA). In Quebec, thisdata is obtained by the Centris listing system via the Quebec Federation of Real Estate Boards.

MLS (Centris in the province of Quebec) Sales: Refers to the total number of sales made through the Multiple Listings Services in a particular year.

MLS

(Centris

in the province of Quebec) Average Price :Refers to the average annual price of residential transactions through the Multiple Listings Services.


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Rental Market

Rental Market vacancy rates and two bedroom rents information is from Canada Mortgage and Housing Corporations(CMHCs) October Rental Market Survey (RMS). Conducted on a sample basis in all urban areas with populations of

10,000 and more, the RMS targets privately initiated structures with at least three rental units, which. have been on themarket for at least three months. The survey obtains information from owners, managers, or building superintendentsthrough a combination of telephone interviews and site visits.

Vacancy Rat e:The vacancy rate refers to the average vacancy rate of all apartment bedroom types. A unit is considered vacant if, at the timeof the survey, it is physically unoccupied and available for immediate rental.

Two Bedroom Rent :The rent refers to the average of the actual amount tenants pay for two bedroom apartment units. No adjustments are madefor the inclusion or exclusion of amenities and services such as heat, hydro, parking, and hot water.

Economic Overview

Labour Force variables include the Annual Employment Level, Employment Growth, Unemployment Rate. Source: StatisticsCanadas Labour Force Survey.

Net Migration:Sum of net interprovincial (between provinces), net intra-provincial (within provinces), net international (immigration lessemigration), returning Canadians and temporary (non-permanent) residents as provided to the CANSIM database by StatisticsCanadas Demography Division. Sources of inter-provincial and intra-provincial migration data include a comparison ofaddresses from individual income tax returns for two consecutive years from Canada Revenue Agency (CRA) taxationrecords. The migration estimates are modelled, with the tax file results weighted to represent the whole population.


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CMHCHome to Canadians

Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 65 years.

Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in theworld. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordablehousing solutions that will continue to create vibrant and healthy communities and cities across the country.

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Other than as outlined above, the content of the publication cannot be reproduced or transmitted to any person or, if acquiredby an organization, to users outside the organization. Placing the publication, in whole or part, on a website accessible to thepublic or on any website accessible to persons not directly employed by the organization is not permitted. To use thecontent of any CMHC Market Analysis publication for any purpose other than the general reference purposes set out aboveor to request permission to reproduce large portions of, or entire CMHC Market Analysis publications, please contact: theCanadian Housing Information Centre (CHIC) at [email protected] ; 613-748-2367 or 1-800-668-2642.

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CMHCs Market Analysis Centree-reports provide a wealth ofdetailed local, provincial, regionaland national market information.

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First Nations Mold Remediation Case Study Ahousaht First NationThis case study highlights the mold remediation efforts in the Ahousaht First Nation located in British Columbia.This community receives more than two times the amount of rainfall that Vancouver receives in a year. Inaddition, the majority of the older houses are situated in an area troubled by underground springs and poor drainage. The combination of heavy rainfall and problematic ground water conditions contributed to moldproblems in the communitys housing.

Ahousaht's approach to solving its mold problem included special emphasis on building a new housing team,developing new construction policies and practices, and training local people to build capacity in the communityto remediate and construct new houses. Ahousaht First Nations housing has seen noticeable improvementsand now the focus is on achieving good ventilation, circulation of air in the homes and exhausting the stalemoist air outdoors.

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